Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0076%/8h= −8.4% APRpaid last 24h −0.016%

Price spread now: MEXC against Aftermath Perps+0.065%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on Aftermath Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−0.397%−$40 · spread now +0.065%, 7d avg −0.030%

Together, before fees−0.443%−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.095% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.065% now, against its 7-day average of −0.030%): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,680.1	0.0164	pay 0.0021% / 1h	28m 36s	$78K	$219K	20x
Short	MEXC BTC_USDT	85,736	0.0088	get 0.0088% / 8h	6h 28m	$5.07B	$5.72B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Aftermath Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Aftermath PerpsbpFee MEXCbpOrdersPrice spread, now +0.065%Rate

Funding earned: −$16.01
Price spread: +0.065% → −0.030%: $9.52
Slippage, 4 orders: −$11.85
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$31.34
Costs to cover: 0.248%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 41 min ago; MEXC: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Aftermath Perps live order book, 41 min ago	1.00 bp	9.7 bp −$10	14.6 bp −$146	doesn't fit	doesn't fit
Sell MEXC live order book, 6 min ago	0.01 bp	2.0 bp −$2	2.0 bp −$20	2.1 bp −$211	2.6 bp −$1,299

BTC on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	−0.0144%	1h	85,735	+0.064%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,696	+0.019%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,717.7	+0.044%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,755.5	+0.088%	$515K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,708.5	+0.033%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,689.6	+0.011%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.013%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0034%	8h	85,702.9	+0.027%	$903.4M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,712.2	+0.038%	$509.4M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,747.1	+0.078%	$8.2M	$42.5M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,738	+0.068%	—	$1.57B	—	as long as short
ApeX Omni BTCUSDT	+0.0056%	1h	85,655.9	−0.028%	$140.1M	$319.3M	100x	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,737.8	+0.067%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0058%	8h	85,656.9	−0.027%	$2.27B	$952.6M	200x	as long as short
Nado BTC-PERP	+0.0061%	1h	85,693.6	+0.016%	$22.6M	$228.5M	50x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,732.3	+0.061%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDTshort	+0.0088%	8h	85,736	+0.065%	$5.07B	$5.72B	500x
Aevo BTC-PERP	+0.0088%	1h	85,668.5	−0.014%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,722.8	+0.050%	$9.33B	$24.38B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,703.5	+0.027%	$170.1M	$988.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,712.5	+0.038%	$23.4M	$146.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,721	+0.048%	$8.4M	$51.9M	100x	as long as short
Gate BTC_USDT	+0.0098%	8h	85,738.3	+0.068%	$5.62B	$10.53B	200x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,696	+0.019%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,713	+0.038%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,763	+0.097%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,749.6	+0.081%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,738.3	+0.068%	$5.30B	$9.78B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,735.8	+0.065%	$2.54B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,710	+0.035%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,708.4	+0.033%	$7.3M	$98.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,663	−0.020%	$35.3M	$163.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.046%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,632.3	−0.056%	$278.5M	$946.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,580.1	−0.117%	$214.9M	$167.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.4	+0.060%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,773.9	+0.110%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,734	+0.063%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,696.2	+0.019%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,676.7	−0.004%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,711.6	+0.037%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,678.2	−0.002%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,658.5	−0.025%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,675	−0.006%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,670.3	−0.011%	$153.0M	$480.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.108%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,705.3	+0.029%	$44.0M	$228.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,750.9	+0.083%	—	$101.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,704.9	+0.029%	$131.0M	$5.17B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,716.1	+0.042%	$698K	$7.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0142%	1h	85,710	+0.035%	$894.4M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,680.6	+0.001%	$188.7M	$965.0M	100x	as long as short
Aftermath Perps BTCUSDlong	+0.0164%	1h	85,680.1	long leg	$78K	$219K	20x
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,702.3	+0.026%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,741	+0.071%	$10.0M	$770.4M	6.4x	as long as short